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From cyber claims to the cutting of business ties, the reverberations from the Russian invasion of Ukraine are felt across global P&C insurance markets.

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Residents and police inspect a fire damaged building following a blast at around 4am during Russian artillery strikes in Kyiv, Ukraine, on Friday, Feb. 25, 2022. (Credit: Erin Trieb/Bloomberg) Residents and police inspect a fire-damaged building following Russian artillery strikes in Kyiv, Ukraine, on Friday, Feb. 25, 2022. (Credit: Erin Trieb/Bloomberg)

The Russian attack on Ukraine has potential implications for the global insurance industry, and in some cases, for the U.S. insurance industry. In seeking just one word to explain these implications, that word would be “expensive.”

Already we have seen the negative financial impact worldwide from the stock market volatility, oil and commodity prices, merchant cargo and shipping costs, aviation interruptions, disruptions in the banking and investment sectors and loss of Russian imports/exports. Any country, state, territory or entity that does business with Russia will be affected financially, and in most aspects insurance coverage will not be a viable resource due to standard policy exclusions for war and military action, nuclear hazard, governmental action, and acts or decisions.

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